Compare mortgage rates and fees for leading lenders in Philadelphia, PA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Philadelphia.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Philadelphia. Plus, shopping lenders is free and there is no obligation.
October 22, 2019
The current average rate for a 30 year fixed rate mortgage in Philadelphia is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Philadelphia, PA is $182,986
The median household income for Philadelphia, PA is $41,892
Based on current mortgage rates and a 10% down payment, you need to make $33,950 per year to buy the median priced home in Philadelphia
The home price you can afford to buy based on household income in Philadelphia is 123% of the median home value which means housing prices are average
Philadelphia ranks 67 out of 67 counties in Pennsylvania and 2,843 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Philadelphia, PA is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Philadelphia below.
Conforming loan limits for Philadelphia, PA
FHA loan limits for Philadelphia, PA
VA loan limits for Philadelphia, PA
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index